>> mario draghi was there talking about banking supervision, largest banks will be supervised from frankfurt in the ecb. how does that all impact your european union? >> well, the direct impact, of course, is limited in as much as our principal regulators and supervisors are in the u.s. of course, we do operate in all of these markets and, therefore, our local units do have supplies by local rules. that goes without saying. i think the key issue is that regulatory certainty and stability and a revival testament in europe benefits the sector, benefits the markets and certainly, therefore, will benefit us indirectly. but i would say the direct impact on what we do day-to-day is somewhat limited, of course. >> we heard yesterday from barclay's from all banks, the environment is different. you have to cut your costs to fit now. look, when revenues were growing large, the banks didn't have to were about costs. now we don't have to be focused on costs. how much more do you need to focus on your costs?